이 기사는 2021년 06월 24일 07:28 thebell 에 표출된 기사입니다.

South Korean automotive supplier Hanon Systems, controlled by private equity firm Hahn & Company, received bids from global private equity firms and foreign rivals in the first round of bidding.

US private equity firms Carlyle Group and Bain Capital, French auto parts supplier Valeo and German supplier Mahle submitted non-binding offers on Tuesday, industry sources said.

South Korean conglomerates LG and Halla and Germany’s Continental, as well as Valeo and Mahle, are said to have received an information memorandum from deal advisers Morgan Stanley and Evercore. Apart from Carlyle Group and Bain Capital, other global buyout firms including Blackstone, KKR and TPG reportedly showed interest in the company.

LG and Halla did not submit preliminary bids at the time of writing on Tuesday. But there is a possibility that they could team up with the bidders in the race or make offers after the deadline.

Carlyle Group is one of the frontrunners in the race. The US private equity firm had reportedly approached several industry players, including LG, about the joint bidding for Hanon Systems, but ultimately submitted a bid on its own.

Prior to the bidding, LG was considered a strong candidate to acquire Hanon Systems in expectations that the conglomerate’s vehicle electrification business could create synergies with Hanon Systems’ thermal management. However, it is said that LG’s interest in the auto supplier was seen dwindling as the deadline for the bidding neared.

Valeo and Mahle are Hanon Systems’ competitors in the global market for vehicle thermal management. Hanon Systems holds the second largest market share after Japan’s Denso. Valeo and Mahle are the third and fourth largest players in terms of market share, respectively, by a narrow margin.

The two companies had reportedly been in discussions with private equity firms about bidding together to reduce the financial burden of acquisition.

The sale includes a 50.5% stake owned by Hahn & Co and a 19.49% stake owned by Hankook Tire & Technology. The combined 69.9% stake is estimated to be worth up to 8 trillion won ($7 billion) including a control premium. Hanon Systems had a market capitalization of approximately 9.5 trillion won as of the close on Monday. (Reporting by Hee-yeon Han)